Hot topics | Coronavirus pandemic

Hong Kong's Unemployment Rate Rises To Its Highest In 15 Years

Hong Kong's Unemployment Rate Rises To Its Highest In 15 Years

The unemployment rate in Hong Kong rose to 6.2% in June due to the effects of the coronavirus pandemic.

According to the Department of Census and Statistics, "this was the highest rate in the last 15-plus years." The Agency clarified that this indicator rose by 0.3 percentage points compared to May.

The economic situation in Hong Kong has started to deteriorate since the summer of 2019 when the city was engulfed by mass anti-government unrest against the extradition bill. Until then, the unemployment rate did not exceed 2.8%.

As part of the program to help businesses cope with the pandemic, the Hong Kong authorities promised to create 30,000 jobs in the next two years, and a half subsidize salary payments for about 1.5 million employees working in the most affected industries.

The economy of this special administrative region of China is based on the service sector, which accounts for 93% of the gross domestic product (GDP).

The unemployment rate in Hong Kong rose to 6.2% in June due to the effects of the coronavirus pandemic.

According to the Department, "this was the highest rate in the last 15-plus years." The Agency clarified that this indicator rose by 0.3 percentage points compared to May.

The economic situation in Hong Kong has started to deteriorate since the summer of 2019 when the city was engulfed by mass anti-government unrest against the extradition bill. Until then, the unemployment rate did not exceed 2.8%.

As part of the program to help businesses cope with the pandemic, the Hong Kong authorities promised to create 30,000 jobs in the next two years, and a half subsidize salary payments for about 1.5 million employees working in the most affected industries.

The economy of this special administrative region of China is based on the service sector, which accounts for 93% of the gross domestic product (GDP).

You may also like: